Dr. Xiang FANG
Assistant Professor

3917 4178

KK 818

Academic & Professional Qualification

  • Ph.D., University of Pennsylvania, 2019
  • M.A. in Economics, Tsinghua University, 2013
  • B.A. in Economics, Fudan University, 2011


Dr. Xiang Fang received his Ph.D. degree in economics from the University of Pennsylvania in 2019. He obtained his M.A. in economics from Tsinghua University in 2013, and his B.A. in economics from Fudan University in 2011. He joined HKU in 2019.

He is interested in broad topics in international finance, asset pricing, and their connections to the macro economy, especially the crucial role of financial intermediaries.

Research Interest

International Finance, Asset Pricing, Macro-Finance

Selected Publications

  • “Bank Capital Requirements and Lending in Emerging Markets: The Role of Bank Characteristics and Economic Conditions,” (with David Jutrsa, Soledad Martinez Peria, Andrea F. Presbitero and Lev Ratnovski), Journal of Banking & Finance, forthcoming
  • “Intermediary Leverage and Currency Risk Premium”
  • “Volatility, Intermediaries, and Exchange Rates”
    (with Yang Liu)

For more details, please visit my webpage at

Awards and Honours

The Cubist Systematic Strategies Ph.D. Candidate Award for Outstanding Research, WFA 2017